Cut source tax on commission

The country's shipping agents have urged the government to lower the source tax on their commission from existing 8.0 per cent to 5.0 per cent to help flourish the sector further.
The Bangladesh Shipping Agents Association (BSAA) has also requested the government to resume providing new licences after proper verification.
They came up with the request at a pre-budget meeting with the National Board of Revenue (NBR) held at the NBR headquarters in the capital on Tuesday.
NBR Chairman Abu Hena Md. Rahmatul Muneem presided over the meeting where representatives from several trade bodies presented their proposals ahead of the 2024-2025 national budget.
BSAA Chairman Syed Mohammad Arif said over 90 per cent of foreign trade is done through waterways which imply the importance of the sector.
Issuing new licences to agents has remained suspended for many days, causing setbacks in logistics, he said, requesting the authorities to resume the licensing process.
"Take measures to judge the aptitude of shipping agents and provide them with licences," he said.
Bangladesh Indenting Agents' Association (BIAA) President Md Nuruzzaman urged the authorities to exempt the 05-percent VAT on indentors' service charges.
President of the Bangladesh Freight Forwarders Association (BAFFA) Kabir Ahmed urged the NBR chairman to address some ambiguities in the licensing conditions. "The country's freight forwarders are an important part of the national logistics ecosystem," he said.
He has requested the authorities to provide freight forwarders with bond facility for their warehouses.
Bangladesh Ship Breakers and Recyclers Association (BSBRA) Vice-president Liakat Ali Chowdhury and Secretary General of the Bangladesh Ocean Going Ship Owners' Association Rear Admiral (Retd) ASM Abdul Baten, among others, were present at the meeting.
Addressing the meeting, NBR chairman Muneem said most of them were colleague-like to the NBR as they were directly involved in revenue generation.
He further said there was an urgency to help flourish the ship building industry in the country as they could make significant contribute to the country's economy.
"Being a labour-intensive industry, shipbuilding can create huge job opportunities and meet local and global demands," he said.

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